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Bank Nifty February futures (45,975)
The Bank Nifty index has begun the week on a positive note. The index has risen well above the 45,000 mark. It is currently trading at 45,450, up 1.3 per cent for the day so far. The advances/ declines ratio at 11:1 indicates strength in the index and is positive.
Outlook
Intraday supports are at 45,350 and 45,100-45,000. As long as the index stays above these supports, the outlook will be positive. A rise to 46,000-46,300 looks likely in the coming sessions.
The view will turn negative only if the Bank Nifty index declines below 45,000. In that case, a fall to 44,500 is possible.
Bank Nifty Futures
The Bank Nifty February futures contract is trading at 45,975, up 1.5 per cent. Support is in the 45,650-45,600 region. The view for a rise to 46,600-46,700 is bullish.
The view will turn negative only if the contract declines below 45,600. In that case, the contract can fall to 45,200-45,000.
Trading Strategy
Traders can go long now. Accumulate on dips at 45,700. Keep a stop-loss at 45,450 initially. Trail the stop-loss up to 46,100 as soon as the contract moves up to 46,200. Move the stop-loss further up to 46,350, when the contract touches 46,450 on the upside. Exit the longs at 46,600.
Supports: 45,600, 45,200
Resistances: 46,700, 47,000
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